The authority may acquire or construct and maintain and operate any one or more projects under this chapter in such manner as the authority may determine, and the authority may operate each project separately or it may operate one or more projects together. The authority shall have exclusive control over the revenues derived from its operations and may use revenues from one project in connection with any other project. No person shall receive any profit or dividend from the revenues, earnings or other funds or assets of the authority other than for debts contracted, for services rendered, for materials and supplies furnished and for other value actually received by the authority.
Code 1950, § 15-714.19; 1962, c. 393, § 7, § 15.1-1277; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 56 - Public Recreational Facilities Authorities Act
§ 15.2-5602. Creation of authorities
§ 15.2-5603. Board to exercise powers of authority
§ 15.2-5604. Powers of authority generally
§ 15.2-5605. Transfers of property, appropriations and contracts by participating localities
§ 15.2-5606. Acquisition, maintenance and operation of projects; revenues from projects
§ 15.2-5607. Authority to issue bonds; source of payment
§ 15.2-5609. Trust indenture or agreement to secure payment of bonds
§ 15.2-5610. Fees, rents and other charges; reserves
§ 15.2-5611. Moneys received deemed trust funds
§ 15.2-5612. Remedies of bondholders and trustee
§ 15.2-5613. Authority to exercise a governmental function; exemption from taxation
§ 15.2-5614. Bonds legal investments
§ 15.2-5615. Chapter to constitute complete authority for acts authorized; liberal construction
§ 15.2-5616. Dissolution of authority; disposition of property